On Wednesday, Malta's parliament approved the law to regulate the market for cryptocurrencies and blockchain sector.
According to the news reports, the government accepted three bills: Innovative Technologies Act, Innovative Technologies, Agreements and Services Act and the Virtual Financial Asset Act. As commented Member of the Parliament, Silvio Schembri, the country becomes the first "jurisdiction" in the world that can shed the legal light on the crypto segment.
"Through innovation, Malta is fast becoming a pioneer in economic innovation in order to strengthen its economy through the creation of a new economic niche. This is resulting in other bigger countries following the footsteps that Malta took in this field," he added.
With such development, investors may breathe freely and companies will have all required means to deal in the legal area. Silvio Schembri also believes that Malta step-by-step becomes a favourable area for the crypto companies:
“I am optimistic that further companies will choose Malta to operate from with a system that offers stability and that will eventually result in further economic growth”.
Besides, some legal experts say that the approvement of the laws can be a milestone in the perspectives of Malta to bear the status of the blockchain island. Having the legal background, business and investment activities will become much more comfortable in Malta.
For reference, many crypto companies have already opened an office on the island amid the previous support from the authorities. For example, OKex, Binance and Bitbay reportedly launched businesses in Malta.